Coalcorp Provides Updated Default Status Report

    TORONTO, April 15 /CNW/ - Coalcorp Mining Inc. ("Coalcorp" or the
"Company") (TSX-CCJ) is providing its fourth Default Status Report in
accordance with National Policy 12-203: Cease Trade Orders for Continuous
Disclosure Defaults ("NP 12-203"). On February 6, 2009 Coalcorp announced that
it would delay the filing of its second quarter interim financial statements,
CEO and CFO certifications and related management discussion and analysis
(MD&A) for the three and six-month periods ended December 31, 2008 beyond the
filing deadline of February 16, 2009.
    On February 18, 2009 the Ontario Securities Commission (the "OSC") issued
a temporary management cease trade order related to the Company's securities
against the Chief Executive Officer and the then Chief Financial Officer
(Liliana Aleman has since stepped down from that role as announced on March
30, 2009) of the Company for so long as the interim financial statements,
certifications and related MD&A are not filed. The issuance of such management
cease trade order does not affect the ability of persons to trade in their
securities of Coalcorp, other than the Chief Executive Officer and Liliana
Aleman, the former Chief Financial Officer. However, the OSC, in its
discretion, may determine at a later time that it would be appropriate to
issue a general issuer cease trade order affecting all of the Company's
    The Company reports that on April 8, 2009, its counsel received a letter
notifying the Company of a proposed claim under the Libel and Slander Act. The
allegation is that that the Company made defamatory statements in certain of
its prior press releases that referred to the conduct of prior management of
the Company. The claim is made by terminated employees of the Company,
including Jose Francisco Arata, Efrain Carrera and Juan Manuel Pelaez, as well
as former members of management of the Company including Serafino Iacono and
Miguel de la Campa. The claim seeks among other things, an apology, a donation
of $1,000,000 to a yet to be selected charity, payment of unspecified damages
and costs. It is the Company's view that these claims are frivolous and
vexatious and without merit.
    The Company also reports that on April 15, 2009, it received a letter
from Equity Transfer & Trust Company, as trustee of the Company's outstanding
12% Series A Notes due August 31, 2011 (the "Notes") issued pursuant to an
indenture dated as of August 17, 2006 as amended and supplemented (the
"Indenture"), enclosing a notice signed by certain holders of the aggregate
principal amount of $34,362,000 of the Notes, claiming that the Company failed
to issue a Change of Control Notice and Purchase Notice pursuant to Sections
4.2 and 4.3 of the Indenture, and if such failure is not remedied the holders
will exercise all their rights under the Indenture (the "Notice"). It is the
Company's position that it is not in default of these provisions of the
Indenture. The Company will be responding to the Notice in due course.
    The Company confirms that, except as described herein and in its initial
default announcement and first default status report dated March 3, 2009,
second default status report dated March 17, 2009 and third default status
report dated April 1, 2009: (i) there has been no material change to the
information set out in its initial default announcement filed pursuant to NP
12-203; (ii) there has been no failure by the Company in fulfilling its stated
intention with respect to satisfying the provisions of the alternative
information guidelines set out in NP 12-203; (iii) there is no actual or
anticipated specified default subsequent to that disclosed in the initial
default announcement; and (iv) there is no other additional material
information concerning the affairs of the Company that has not been generally
    Due to the recent stepping down of the Chief Financial Officer of the
Company and the transitions occurring related to this role, it is anticipated
that the Company will not be able to file its interim results by April 16,
2009 as indicated in the initial default announcement. The Company aims to
file its interim results on or about April 30, 2009, however it will provide a
more certain update on the status of its interim results and the timing of
filing as soon as practicably possible.
    The Company will continue to provide bi-weekly updates, as required by NP
12-203, until the required filings have been made and the Company is no longer
in default.

    Coalcorp is a coal mining, exploration and development company with
interests in the La Francia coal mine and related infrastructure projects and
a number of coal exploration properties, all located in Colombia. Further
information can be obtained by visiting our website at or
under the Company's profile at

For further information:

For further information: Joseph Belan, Interim Chief Executive Officer,
+57 - 1 - 658 - 5050 Ext: 9990

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Coalcorp Mining Inc.

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